1 month after Zola & Ringwood Approvals

On 2 Feb 17, CXO announced approval to drill Zola and Ringwood.
- Soon after the share price rocketed to 11 cents (EV of $33M)
- The market wants CXO to drill Zola and Ringwood

On 2 Mar 17, CXO announced its final assays of Phase 2
- Soon after the share price hit 7.2 cents (EV of $19M)
- Final results were as expected (nothing better or worse), except Grants is still open at depth and grades are increasing at depth (1m at 3.5% Lithium) which is a strong positive.
- Grants metallurgy is imminent (early Mar17 is by the end of next week at the latest). Very soon we will know the quality of the Grants resource and its DSO potential. This announcement alone could be a company maker as it defines the metallurgy of the region and other prospects still undrilled.
- Barrow Creek sampling commencing imminently (more lithium discoveries probable)
- Napperby uranium resource acquired for next to nothing (to be updated to JORC 2012 requirements)
- Bynoe survey completed and results expected this month (could be any day). This tells us how many Grants prospects could exist on our ground, another company maker. Imagine if Zola is shown to be even more prospective based on survey results?
- We are 1 month closer to drilling the MAIN GAME, Zola and Ringwood
- I expect a sophisticated investor to swoop all shares up to 9 cents. This could be a bargain based on potential.

So the share price has dropped 3.8 cents (EV of $14M shaved off CXO), sellers are building and buyers are retreating. Every announcement has been sold into. CXO extended Grants at depth and found more lithium at Far West and the SP dropped from 7.9 cents to 7.2 cents yesterday (2 Mar 17).
CXO drilled twinned holes at Grants and assays confirmed the same lithium and SP rocketed from 6.8 cents to 9.6 cents a few months back.
It makes no sense!

Hold tight if you believe, a re-rate is imminent.